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Travel guru Rick Steves tells Alan why he believes that wealthy people like himself should pay more taxes.
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Welcome back to our microphones Rick Steve he's a host of travel with -- -- -- on public radio Rick Steve Europe on public television.
He is self publish the first edition of his -- -- with Europe to the back door.
Did an annually since and 1980.
And a light at the books that -- Rand book -- in order that you can consider that to be pretty good travel destination.
I would say if you're looking to learn after your travels going beer around a great idea.
But the reason you're here tonight is because you are part of a group called patriotic millionaires.
And you say is part of this -- -- say I start this year.
With a substantial bump than my taxes and you say in fact the overnight increase in my taxes is itself more than the annual income almost anyone I know.
You are happy about this fiscal -- -- Yeah let's take him but he ran the -- like me I employ eighty people -- work really hard to make it to make a lot of money induced a -- All right and let's -- -- make and two to five million dollars a year.
Suddenly might tax rate on the -- reported -- -- goes up what about 3%.
In the meantime -- experience you're -- 100000 dollars more tax a year than it would have otherwise.
I have no way to feel that in my lifestyle -- my security.
Here.
It has nothing to do with how many people I'm -- employer I'm gonna run my business.
And I just -- out my window and I think if you're lucky to be wealthy that's great but if you're lucky to be wealthy haven't been -- beautiful country.
That's worth a lot and if that'll help that the fabric of my community be stronger -- -- -- take better care or environment.
They -- -- people who need a break to get a break and that in a good old you know social credit sense.
I just think it's it's good citizenship to go for that and I don't understand -- people who are as as well -- is that are threatened to buy it but it's.
What are the people on the margins not as wealthy as you perhaps but still have to pay X sure that they -- -- be prepared for maybe that'll make as much as you would still fall in the lower end.
-- category of those -- have to pay more taxes now.
The -- -- is 400000 right.
Well and again it's tackle left -- right it's not.
400000 of income people who write notes of taxable income right which -- you gotta make more than 400 a lot more patient and -- a tough and you don't pay the extra rate on anything until dollar one after the 400000 of you know off handed -- all of your income just on the -- above that amount right.
Oh and if you got if you got 400000 dollars of taxable income like you said that probably means -- make -- a lot more than that and here in a fragile state economically you should spend a few of your dollar's getting some counseling on how you're like.
You know prevent crimes I work with eighty people here and they're well paid but they're up obviously not making that kind of money and you know we all have to live within our balance and why people need to be so aggressive when there are so wealthy and -- country has which has so many intangible blessing cigars.
We have stability we have security I've got -- bank where I know I put my money there will be there next year.
I've got a government that whoever wins the next election will be a peaceful transition of power.
That's worth a lot and you know in Europe there's a lot of countries in Europe -- -- have what's called a wealth tax and if you can bet that -- you inherited ten million dollars or you -- ten million ordinary retired.
Just -- on that money in the United States I think cut kidnapping but in Europe they fatalistic 1% a year just to own that money in this beautiful country.
And I think that would be -- good -- -- there's endless ways that we can balance.
We're talking about a travel -- -- now you.
And -- make an interesting point that you we live in a stable.
Represented a democracy in the government where we -- know.
That it's going to be around for awhile and yet he that a number of people probably who are on the other side of this issue.
Have a great deal of paranoia.
In other governments and it would take my guns away with the government's -- -- around the government's gonna fall and and these are the people who don't have that same belief in the stability of our system here this couldn't.
Alan you know fear -- spend -- third in my life.
Traveling overseas that's -- economist travel writer that is so clear to me that fear is for people who don't get out very much.
And when you get you realize that.
Here we've got stability nobody's gonna come and take -- like that way we live in a community.
And you have to give up certain things to live peaceably with other people.
To a certain degree you know other people want your money -- you -- have some security -- and Smart -- If you wanna be wealthy there's no better place to be wealthy than -- -- United States.
-- a very good point that we you have send.
Often then.
One of the causes of perhaps conservatism in some ways is never going anywhere.
-- saying the rest of the world and you become a little more liberal in your outlook in general if you build places -- I mean now I know -- that you know my my world view is is shaped not by.
Sitting at home watching a lot of TV but it kicked by getting out giving them the -- -- the people who see things differently -- we.
Listening to too much talk radio present.
They that one thing about this bill does have some people concern is that it would raise taxes.
In not only -- -- on top earners but it would.
They -- dividends capital gains inheritance is money and stuff the Alternative Minimum Tax from raising.
Money on millions of middle income families which is good.
But it also would it stops at payroll tax holiday and that concerns -- -- is that affects lower income Americans -- -- He -- are we serious about the deficit or not I mean you know we are where -- a country that produces what fifteen trillion dollars -- year.
And we are about that much in debt I believe and if you think it in terms of the family.
That's one year's income so badly that their families ready to make 80000 dollars a year.
And they managed and -- -- 80000 dollars in debt well there and a little trouble but it's not insurmountable.
They got to figure they're big and out and you left eating out it means working if you weakens or whatever.
Here in the United States we had an opportunity.
This week to raise taxes more and to cut more seriously into the military a budget.
And we -- and who -- those who always talk about the importance of having a balanced budget living within our means.
Sutton was got to get you got to raise more money and you got to spend less and as a society we've got to learn -- consume less than what we produce.
We pondered -- -- the thinking -- would -- that we -- yards and it has Europe.
And I think what we got to do is have this reality check and say yeah that's gonna be -- Middle class people pay a couple thousand dollars more -- -- the -- rich people like me pay a lot more taxes every year.
And we figured out and and find a way to live within our means -- Now -- I've.
Worth a lot of money -- and but I think what's interesting is.
I took my tax break a couple years ago.
And I paid the rent for Mike symphony orchestra for the entire year and it -- -- what I'm trying to illustrate to people is that.
One that wealthy business -- marginal tax rate going up when it's taken out of his bank account where it does -- think.
Input into the society in being used.
It generates more good.
I could ever making forty to fifty grand a year he'll face an average increase of 579 dollars.
According to the Tax Policy Center because of the payroll tax change so that affects people who may -- -- I'd like to lose we're not as.
Pliable and in terms of losing that amount of money -- Yeah well I I think everybody's got to give a little more and work a little harder because we are Gordon deeper into the hole.
And we had an opportunity now to make a serious difference I think it's -- compromise and I think we gotta compromise are happy with that but it.
I would say my point really is anybody who's going to be hit by this -- higher marginal tax after 400000.
It's not -- -- That -- there's no excuse it'd affect you -- -- is really mixed.
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